Crypto exchange Binance has registered its domestic entity in Canada for dealing in virtual currencies. According to a tweet shared by the exchange CEO Changpeng Zhao earlier today, the same has received approval from the authorities as well. According to the company’s filing on 24 December, Binance Canada Capital Markets will be a Money Service Business (MSB) and allow dealings in digital assets, money transfers, and foreign exchange.
Binance continues further its global footprint.
Binance’s domestic entity in Canada was incorporated on 1 December and holds the current license till the end of 2024. Binance is currently the world’s largest crypto exchange as far as trading volumes are concerned. On the back of the aforementioned development, Binance is once again attempting to further its global footprint. While Binance continues to enter new markets and gets necessary regulatory clearance, it has also faced a lot of backlash, warnings, and fines from various regulators across countries. As reported earlier, the crypto exchange license from Singapore and insiders claimed it to be because it failed to comply with anti-money-laundering laws.
Binance seems to be tightening its rules to comply with regulations.
Binance’s CEO CZ dismissed reports about the possible reasons for Singapore’s withdrawal and claimed they remain focused on making Singapore a crypto hub. Only a few days after the Singapore withdrawals, the crypto exchange announced an official partnership with Indonesia’s biggest state telecom players to build a crypto hub. As reported earlier, Binance signed an agreement with the Dubai World Trade Center just a day after it was declared a crypto-focused regulatory market. The CEO also revealed that the Binance US is in the final stage of closing its first funding round, which is expected to be in tune of a couple of hundred million.